Fitch Affirms 1 RMBS Class From Truman Capital Trust 2004-LT1.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings has affirmed the ratings on the following Truman Capital Trust issue: Series 2004-LT1 --Class A at 'A'. The affirmation reflects a stable relationship between credit enhancement (CE) and future loss expectations and affects approximately $29.37 million of outstanding certificates. The transaction has not experienced a realized loss to date and the CE level for the class has increased to approximately 28.5% from approximately 18.6% The mortgage pool consists of primarily non-performing mortgage loans. The transaction is a liquidating trust, for which the primary purpose was to purchase non-performing loans with the intent to liquidate them. At the closing date for series 2004-LT1, the pool consisted of approximately 8.13% of loans that were 90 or more days delinquent, 11.64% of loans that were in bankruptcy, 33.81% of loans that were in foreclosure, and 46.42% of loans that were real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ). As of the December 2005 distribution date, the transaction is seasoned only 12 months, and the pool factor (current mortgage loan principal outstanding as a percentage of the initial pool) is approximately 33%. Currently approximately 3.54% of the loans are less than 90 days delinquent. As this is a liquidating trust, current loans will eventually be purchased out of the program by the seller. The transaction structure also includes a reserve fund that is intended to be used to meet monthly interest payments on the notes. The reserve fund is fully funded at approximately three months interest. All of the mortgage loans acquired by TCIF TCIF Telecommunications Industry Forum TCIF Trade Corridor Improvement Fund (California Transportation Commission) TCIF Target Cost Incentive Fee TCIF Thank Christ It's Friday , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control in the course of normal business operation, while its subsidiary, TCIF REO Corp., acquired all of the REO loans. The loans are master serviced by GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Mortgage Corporation (rated 'RSS1-' on Rating Watch Evolving by Fitch), and approximately 33% of the loans are serviced by Select Portfolio Servicing (rated 'RSS2-' by Fitch). Fitch will continue to closely monitor these transactions. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings website at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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